CiBcriJvn  No.  8. 


United  States  Department  of  A,i(ricnltare, 


DIVISION  OF  STATISTICS. 


THE  FARMERS'  INTEREST  IN  FINANCE. 


LETTER    OF    TRANSJIITTAL. 


Washington,  D.  C,  December  J,  1S06. 
Sir:  Oh  Iifovcmber  23  you  addressed  to  mo  the  following  letter  of 
instruction: 

U.  S.  DlCrAUTMEXT  OF  Aciticui-TLiu;, 

Office  of  the  Secri:t.\rv, 
Washington,  D.  C,  Novtmher  23,  1S90. 

Siu:  With  agricultural  protlucts  farmers  buy  money — that  is,  when  others  buy 
food,  libers,  or  tobacco  from  the  iarniers  they  sell  money  to  the  farmers.  The  pur- 
chasers of  farm  staples  demand  the  highest  quality  in  the  things  they  buy.  Ameri- 
can farmers  can  not  sell  pork,  beef,  fruit,  cereals,  cotton,  or  tobacco  that  will  not 
pass  inspection  in  any  markets  of  tho  globe. 

Money  is  bought  to  sell  again,  because  tho  exchangeable  things  with  which  money 
is  bought  have  only  the  specific  purchasing  power  to  buj'  moucy  of  those  who  want 
those  things.  But  honest  money  has  a  general  purchasing  power  all  over  tho  world 
to  buy  anything  which  is  for  sale.  Therefore  the  farmer  should  buy  with  tho  things 
ho  sells  that  money  which  will,  in  return,  when  he  again  sells  it  for  other  things, 
bring  him  a  value  at  least  equal  to  that  with  which  ho  parted  when  he  bought  that 
money. 

Therefore  American  farmers  are  interested  in  purchasing  with  the  fruit  of  their 
toil  tho  best  quality  of  money — that  is,  money  liaving  a  purchasing  i^ower  with  a 
minimum  fluctuation  in  all  countries. 

In  view  of  tho  foregoing  and  in  accordance  with  tho  act  creating  tho  United  States 
Department  of  Agriculture,  which  prescribes  its  duty  to  bo  "to  diffuse  among  tho 
people  of  tho  United  States  useful  information  on  subjects  connected  with  agricul- 
turo  in  tho  most  general  and  comprehensive  sense  of  that  word,"  you  aro  hereby 
instructed  to  prepare  a  special  report  which  shall  show  tho  popular  sources  whence 
comes  any  demand  for  a  reconstruction  of  the  coinage  and  monetary  system  of  tho 
United  States,  and  what  interests  probably  prompt  such  demand. 

In  preparing  this  "useful  information  on  subjectn  connected  with  agriculture," 
carefully  collate  from  tho  work  of  tho  last  national  census  such  facts  as  may  ."^erve 
to  bring  out  plainly  tho  population,  tho  agrif^nltural  wealth  and  tho  intelligence, 
tho  manufacturing  interests  and  tho  investuients  of  each  State  which  at  th((  recent 
election  declared  for  tlio  freo  coinage  of  silver  at  10  to  1  or  for  tho  present  gold 
standard. 

A  largo  number  of  citizens  have  contcudod  that  tho  relative  value  of  a  silver  dollar 
to  a  gold  dollar  depends  upon  an  enacted  ratio;  in  short,  upon  n  lav.'  u*"  Congresa. 


Bat  a  larger  number  of  American  citizens  have  contcndeil  that  the  relative  valne  of 
gold  coins  and  silver  coins  is  entirely  dependent  upon  the  relative  commercial  value 
of  the  bullion  contained  in  those  coins. 

It  is  desirable,  therefore,  in  this  connection  to  show  also  what  relation,  if  auy, 
exi>w  between  the  prices  of  either  of  the  money  metals  and  the  price  of  auy  farm 
staple,  like  wheat,  for  instance.  And  the  reply,  taken  as  a  whole,  ouj^ht  to  show 
whether  the  mint  value  of  a  money  motal  can  be  made  by  statute  greater  than  the 
bullion  value  thereof. 

Very  respectfully,  yours,  J.  Stkkling  Moutox, 

Sccreiari/. 
Hexkv  a.  Konixsox,  Esq., 

Chief  of  the  Dirision  of  Statiaiics, 

r.  S.  Department  of  Afjriculiure. 

In  accordance  with  tlie  above  instructions,  I  directed  ^Nlr.  Henry 
Fanjnliar,  assistant  statistician,  to  undertake  tbe  preparation  of  the 
report,  which  he  has  completed,  and  which  is  respectfully  transmitted 
for  your  consideration  and  approval.  lu  addition  to  the  facts  requested 
he  has  also  undertaken  to  show,  in  bdth  tabular  aiul  graphic  form,  from 
data  collected  by  the  Division  of  Statistics,  the  purchasing  power  of 
the  tarmer's  product,  accompanying  the  same  with  the  necessary 
explanations. 

Kespectfully,  IIenry  A.  Eobinson, 

Statistickm. 
Hon.  J.  Steeli>g  Morton, 

Secretary. 


THE  SOURCE  OF  THE  DEMAND  FOR  A  CHANGE  OF  STANDARD. 

The  states  which  gave  a  majority  for  the  present  Btandard  of  value 
appear  to  be  as  nearly  as  possible  equal  in  number  with  those  which 
gave  a  majority  for  free  silver,  classifying  Kentucky  with  the  former 
and  Wyoming  and  South  Dakota  Avith  the  latter,  uamely,  23  and  2L*, 
respectively. 

SOURCES   AND   METHOD    OF   COZMriLATION. 

In  the  acc(jini)anying  table  the  States  arc  arranged  in  the  order 
usually  followed  in  the  Abstract  of  the  Eleventh  Census,  from  which  all 
the  data,  excejjt  for  area  and  savings  banks,  are  taken.  The  s(puiro 
miles  of  land  area  are  as  given  in  the  reports  of  the  General  Land  Olhco. 
The  number  of  depositors  in  savings  banks  for  the  year  ended  June, 
1895,  is  taken  from  poge  513  of  the  last  report  of  the  Comptroller  of  the 
Currency,  and  the  estimated  population  for  that  date,  entered  on  the 
page  preceding,  is  used  to  derive  the  percentage  ratio  of  depositors  to 
population.  In  two  gold  standard'  and  three  free  silver'  States  the 
number  is  "i)artially  estimated."' 

•For  convcnionce,  the  tenna  "koV\  standard"  and  "free  silver"  will  bo  used  to 
di«tiiinuihh  lii  \i'>S  »  majority  for  the  present  fjohl  standard  and  for  free 

Ooiij.igc  of  Kii .  lively. 


SRLF 
3  YRL 

Taulk  l.—l'vpuUiliun,  education,  wealth,  etc.,  according  to  the  Eleventh  Census,  of  Slatet 
arranged  ly  Presidential  vote  in  1S9G, 


Staloa. 


For  gold  elandard. 


>ruino  

>iew  HuiiipiiLiro . 

Vortnoiit 

MasRarlmsPlla  .. 

Kliodn  lalaiij 

<.'onnr'nti('ut 

Now  York 

Now  JcMey 

I'cniisylvaiiiii 

Delawiire 

MiiryUiiil 

AVeMt  \  iigiuia. .. 

Ohio 

Indiana 

Illinois 

Miclii^an 

"Wisconsin 

Winuesola 

Iowa 

North  Dakota 

Kentucky  

Oregon 

California 


Elec- 
toral 
vote. 


Total 

Torcentago  .. 

For  free  silver. 


Squart 

inileg. 

I'0, 805 

9.005 

0,  i:)5 

8,040 

1,085 

4,845 

47,  CL'O 

7,  455 

44,985 

1,<JC0 

1),  8C1)| 

24,045 

40,  700 

:i5,  010 

50,  000 

57,  430 

54, 450 

79,  205 

55, 475 

70, 195 

40, 000 

94,500 

155, 980 


ropula- 


ron 
tiu 


Illiterate  wliitex  10  years 
of  a"o  aud  over. 


NiimhtT 
of  native. 


Virginia 

North  Carolina. 
South  Carolina. 

(icorgia 

Florida 

Missouri 

South  Dakota.. 

Nobra.ska 

Kajis.i.? 

Tenncssco 

Alabama 

Mississijipi 

Louisiana 

To-'.as 

Arkansas 

Montana 

"Wyoming 

Colorado 

Utah 

Novada  

Idaho 

Wa.shiugton  ... 


Total 

I'ercentago. 


Total  of  States.. 


938. 495 
35.2 


273 
Cl.l 


061,080 

:i70, 530 

332, 422 

2, 238, 043 

345,500 

740. 258 

5, 997. 853 

1,444,93:; 

0,258,014 

108. 493 

1, 042, 390 

702, 794 

3,072,310 

2,192,404 

3. 820. 351 

2, 093, 889 

1,080,880 

1,301,820 

1,911,890 

183,719 

1, 858, 035 

313,707 

1, 208, 130 


Ratio    Ratio 
of  na-       of 
tivo.      total. 


39,  624,  035 
63.8 


40, 125 
4S,  580 
30,170 
58, 980 
54,240 
C8, 735 
70,  850 
70.840 
81,700 
41,  750 
51,540 
40,  340 
45, 420 

262, 290 
63. 045 

145,  310 
97,  575 

103. 015 
82,190 

109, 740 
&t,290 
06, 8)-0 


1. 720, 23 
64.8 


2, 064, 730 


174 

38.9 


447 


11,443 

3,070 

7,211 

9,727 

4,087 

4,300 

57, 302 

21.351 

110,737 

0,068 

32,105 

05,420 

82, 073 

78, 038 

64, 380 

27,010 

15,  613 

7,11" 

20,049 

029 

178, 159 

3,802 

10,113 


822,074 
40.7 


1,665,980 
1,  617, 947 
1,151,149 
1, 837, 353 

391.422 
2,079,184 

328, 808 
1,058,910 
1, 427, 090 
1,707,518 
1,513,017 
1, 289, 600 
1,118,587 
2, 235, 523 
1, 128, 179 

132, 150 
00,705 

412. 198 

207. 905 
45, 761 
84.385 

349,  390 


Peret. 
2.!> 
1.5 
3, 

.8 
2.3 
1 

1.8 
2,7 
3 

0.2 
5.9 

12.0 
3 

5.3 
3 
2 

2.1 
1.4 
1.8 
1.8 

10.1 
1.8 
1 


3.7 


Scliool  csponditures. 


Total. 


Peret. 

6.4|' 
0.8 
0.7 
0.1 
0.0 
5.1 
5.4 
5.7 
0.4 
7.4 
7 
13 
4.7 
5.8 
4.9 
5.7 
O.C 
5.9 
3. 
5. 

15.8 
3 
4.D 


Per 

capita. 


103. 265 

173. 545 

59.063 

113, 945 

16, 085 

112,938 

1.811 

7,412 

17, 107 

170.316 

106,  235 

44,087 

72,013 

89,829 

92.052 

1,020 

427 

9,235 

2,219 

173 

867 

2.407 


22,  402,  770 
30.2 


02,110,811 


14 

23.1 

18.1 

16.5 

11.3 

6.8 

1.2 

1.3 

2 

18 

18.4 

11.9 

20.3 

8.3 

16.6 

1.6| 

1.3 

3.8 

2.3 

.8 

1.9 

L3 


2, 019, 737 


»l,n4,002| 

814, 39i 

089, 917| 

8, 280,  002 

017,990' 

2,123,830' 

17,392,274; 

3, 457, 020' 

12, 828, 045' 

329, 008; 

1,910,003] 

1,284,091 

10, 755, 240' 

D,000.2:j3j 

11,283,529 

0,440.410 

3,  711,2SC; 

4,  033,  510; 
6,  477.  250 

020,  040 
2,  020,  .552; 

880,  3C'J 
5, 119,  097; 


$1.69 
2.10 
2.U8 
3.70 
2.  CO 
2.85 
2.90 
2. 39 
2. 44 
1.95 
1.83 
1.08 
2.03 
2.60 
2.05 
2.60 
2.20 
3.10 
3.39 
3.45 
1.12 
2.81 
4.24 


107, 415,  C5Gj 
77.9, 


2.71 


13.0 
23 
17.9 
16.3 
11, 
7, 
4. 

2.8 

2.9 

17.8 

18.2 

11.9 

2a  1 

10.8 

16.3 

4.1 

3 

4.8 
0.1 
4.2 
3.5 
3.1 


1,577.347; 

718,225' 

4C0, 2G0, 

907,  590i 

470,  503, 

5, 128.  260; 

1,173,757 

3,301,119 

4. 072,  067 

1,300,351 

547,  880 

1,097,910 

704. 5!-0 

3,173,  10 1' 

1,010,000' 

304,  ojo: 

152.  91S 
1,681,370 
304,  r,77, 
162.  507: 
108.  31S, 
94J,  19;> 


.95 
.44 
.41 

.53 

1.22 

1.91 

3.57 

3.12 

3.52 

.85 

.37 

.85 

.63 

1.42 

.92 


4.03 
1.90 
3.55 
1.99 
2.70 


30, 487, 087 


1.37 


,1', 


137, 902, 743         2. 23 


Tahik  I.—/ 


'upHlalioH.etlneatioii.  irrallh,  ttc,  aecordiuij  to  the  Eleventh  Census,  of  i 
iinnixici!  li)  I'lCiulenlial  role  iu  IS90 — Contiiiiud. 


SI  a  la 


Total  value. 


IJcal  estate  raortg:igi'3. 


Peraonal 
property. 


lO 


Seal  prop- 
erty. 


11 


Fanu  land«. 


13 


Fann  pro<l- 
uctd. 


13 


Total 

aiuouat. 


14 


Average 

iutercst 

rate. 


15 


For  fold  ttandard. 


'An.. 

.'."'. 

Ti 

( 

X 

raS,  06«.  569,  $254, 
H<<.  W7.  740  170, 
l-.'7,  l.-.i.  12W  l;i8. 
■¥/.  I  HIT  Kvi!  l,f!98, 

■■ ■  ■■^•'     :;'!4, 

&4;t. 

.  .    5.  M7, 
1-1   .,  I    i4.'       9Cl, 


1  .;.. 

1- 

St..-, :.!..! 

V.  «t  Virginia. 

Oli.. 

Inil'.ii:a 

IllUi-.-. 

Mil  :.i;.Mn 

\\  :  .  ..ii.-in 

il:!.l:     ■oX.l 

l.^y...  

>'o:ii'  Ii.ikota.. 

Kiiiiuoky 

Ori-;;"U 

Caliloruia 


2,  409,  509,  265 

69.  K.'.S.  27S 

:!40,  ICo,  131 

I9U,2l'7,  404 

1,421,127,300 
807.012.889 

1,772.  70;t,  279 
t>45.  72.'"),  8!8 
734, 957,  932 
C57,  C88,  772 

1,  025,  047,  323 
161,089,407 
4m.  438, 928 
210,  221,  391 
802. 019, 972 


3,781, 

105, 

745, 

248, 

2. 530, 

1,  2XS, 

3,294, 

1, 149, 

1,  098, 

1,  034, 

1,261, 

175, 

711, 

380, 

1,671, 


0«9.559 
131,000 
378, 194 
1^7,  794 
740, 002 
421,891 
704,  667j 
013.9721 
177,285; 
720,  51W 
307, 917: 
727, 4771 
255,018: 
163,737 
042, 440 
290, 454 
350, 591 
163,155 
701,010 
917,099 
793, 5S5 
174,803 
113, 6551 


$93, 
66, 
80, 

127, 
21, 
95, 

9r,8, 

159. 

922, 
39, 

175, 

151. 

i,o.-.o, 

754. 
1,  202, 
550, 
477, 
340, 
857, 
75, 
340, 
115, 
097, 


507,  730 
102, 000 
427, 490 

538.  284 
873,  479 
000.  595- 
127,2861 
262,  840i 
240.  2331 
586.  ()8i>] 
058,  550 
880,  300 
031,828 
789,  110 
870,  587 
190,  C70: 
524,  50 
059, 470 
581,022 
310.  305 
339.  :ioo 
819,200 
110,030 


Total 17, 139, 807.  38829, 599,  995,  624 

Percentage 68.3  76.1 


For  free  silver. 


Virginia 

Uorth  Carolina 

South  Carolina 

C-'.r-ia 

Klnriaa 

Mi>-oiiri 

Soutli  Dakota 

>'ol)r;i.>ska 

Kaii>;is 

Tfiiii'ssce 

Al.ili.utia 

il  is  - 1  snippi 

Ixiiii>iaua 

T.-X..S 

Arkiinsoa 

Montana 

Wv'.ming 

f..l..r:i.lo 

I;.,l, 

>'.  ■.:>.Ia 

I<lali.. 

Vosliincton 


Total 

Percentage. 


Total  of  States. 


391, 
305, 
224, 
437. 
193, 
959, 
218, 
567, 
859, 
404, 
351. 
245. 
223, 
885, 
221, 
245, 
77, 
542, 
166, 

112, 
244, 


075, 517 
173, 773 
382.  831 
070. 065 
874,990 
171,744 
218,098 
272.416 
813,325 
194,  633 
409,  560 
849,  664 
3:59,  751 
1. "18, 905 

292,  291 
3tU,412 
280,  353 
386,  102 

293,  981 
KM,  693 
289,  784 
333, 577 


7, 863, 940,  575 
31. 


470, 

278, 

170, 

415. 

195, 

1,438, 

20fi, 

708. 

939, 

48.!, 

271. 

208. 

271, 

1, 220, 

233. 

207, 

92, 

003, 

183, 

92, 

95, 

510, 


9, 439,  358, 156 
71.2 


642, 553 
975,226 
528, 452 
339, 384 
614, 398 
731,201 
923,  201 
413.098 
530, 176 
761,  510 
363, 944 
393,024 
961,846 
417,771 
855,  l.-Jl 
770, 797 
403, 35 
326, 165 
117,253 
222, 975 
606,807 
365, 149 


♦22. 049, 
13,701, 
20,304, 
28,  072, 
4,218, 
17,924. 

]61,.Vj:t, 
28,  997, 

121,  32.-*. 

6,481, 

26,  443, 

20,4:19, 

133,  232, 
94,  7.^.9, 

184,  7.')9, 
83,  C,')l, 

70,  990, 

71,  2;i8, 

ir>Q.  :!47, 

21,204. 
65,  948, 
19,020, 
87, 033, 


220 
050 
980' 
5001 
HOC 

n(y 

009 1 
349- 

:i48- 
590- 
36-r 
oooi 

498' 


230', 

8441 
938' 

485) 

2901 


$:!2,  027, 

18,968, 

27, 907, 

323,  277, 

36, 778, 

79,921, 

607,  874, 

232,  56.5, 

613,  105, 

16,  122, 

64,  577, 

19,702, 

259,  842, 

110,730. 

384.  299, 

150,472, 

121,  8,38, 

197,  745, 

199,  774, 

25,  777, 

45.  693, 

22.  928, 

241,050, 


462, 924,  735  4, 833,  582, 018 
59.61  81.1 


0,311,353,418 
23.9 


25,153,753,963   38,911,349,042 


254,490,600 

183,977,010 

99, 104,  000 

152,000.  2:j0; 

72,745,180 

025,858.301 

107,406,335 

402.  ;!.-iS.  9131 

559, 720,  046 

2 12, 700,  .'•40 

111.051,390 

127, 42:i.  1 

85,381,270 

399,971,2s9 

118,574,422 

25, 512,  340 

14,  400,  880 

85, 035, 180 

28, 402,  780 

12,3:39,410 

17,4:!1.5S0 

83,401,000 


3,809,479,173 

28.8 


13,248,837,329 


42,  244,  458; 

60,  070,  530] 

51, 337,  985' 

8.3.371.482' 

12, 080.  330] 

109, 751,  0241 

22.  (•47.  279 

CO,  837.  617 

95,  070,  080 

.55, 194, 181 

66,24(1,190 

73,  342,  995 

54,  oV.i,  953 

111,  G!t9.  430 

53, 128,  155 

0,273,415 

2, 241,  590 

13,130,810 

4,891,460 

2, 705,  660 

3,848,930 

13, 074,  930 


Percent. 
0.15 
."V.OS 
5.97 
5.44 
5.72 
5.64 
5.49 
5. 73 
5.01 
.5.71 
5.86 
6.06 
6.50 
6.84 
6.70 
7.13 
6.84 
7.66 
7.63 
9.35 
6.25 
9.45 
8.81 


993,538,484 
40.4 


,  456,  463,  219 


28. 691, 726 
21,471,428 

13.  780, 302 
27,  .387, 590| 
15,  .505,  119 

214.609,772 
30.115.773 

132,  902. 322; 

243,146,826 
40.421,396 
39,  027, 983 
10,  075. 980 
28,513,909 
93,  864,  178 

14,  366,  595 
8, 729,  90' 
4, 967, 065 

85, 058,  793 
8,  040, 829 
2, 194, 995 
3,167,249 

44,  078,  449 


1, 125, 118, 186 
18.9 

5,958,700,201 


0.20 


6.02 
7.72 
8.37 
8.09 
9.78 
7.68 
9.40 
8.30 
8.68 
0 

7.98 
».90 
7.67 
9.00 
9.06 
10.01 
10.22 
8.57 
».70 
9.48 
10.60 
8.34 


.36 


Table  I.— i 


'opulalion,  education,  ucallh,  etc.,  according  to  the  Eleventh  Ci 
arranged  by  rrcaidential  vote  in  i55C— Contiuued. 


'cn»u8,  of  Slato$ 


States. 


For  gold  ttandard. 


Maine 

Now  lliiiniiMliiro  ... 

Vermont 

MiiSMiicluisflts 

KkodL'  IhIiukI 

Conupclicut 

Now  Vork 

Now  Jersey 

l'cnns_vlvania 

Dohnvaio 

AlarvlaiKl  

Wf.st  Virginia 

Oliio 

Indiana 

Illinois 

llichi.Lcnn 

AVisCDunin 

Minnesota 

Iowa 

Korth  Dakota 

Kentucky 

(Jrepon 

Ualifornia 


Tot.-Jl 

rercentage 

For  free  silver. 


Virjjinia 

North  Carolina. 
South  Carolina. 

Gcorj'ia 

i'loriua 

Missouri 

Sou  til  Dakota .. 

Nebraska 

Kansas 

Tcuiicssfc 

Alahaina 

Mississijuii 

Louisiana 

Texas 

Arkansa.>» 

Montana 

Wvoniing 

Colorado 

Utah 

Nevada  

Idaho  

Washijiston 


Total  valao. 


Maiiuractured 
liruduL'tii. 


lO 


Total 

Percentage. 


Total  of  States.. 


$05, 
H5, 
■M, 

8t<8, 

14'.;. 

248. 
1,711. 

i,;t3i, 

37, 
171, 

W, 
041, 
220, 
908, 
277, 
248, 
192, 
125. 
5. 
120, 

41, 
213, 


Wages  of 

employees  in 

niauufuctui'iug. 


17 


oao,  500 

770,049 
34U,  OOG 
lt;0,403 
500,  C25 
330.  304 
577,071 
573,571 
791,901 
571,848 
812,  5'.t3 
702,  12o 
C8«,  0C4; 
825, 082 
010,  280| 
8'JG,  700 
540, 104 
033, 478 
049, 183; 
028, 1071 
719,857 
432,  174 
403,  990 


Prod  net  ion  of 
silver  mines. 


18 


Ouneei. 


8, 152, 123, 307 
87.4 


$20,520.21 

24,  248,  0.54' 
10. 090,  549' 

239.  670,  509' 
37, 027, 921 1 
75, 990,  OOO' 

400,  840, 042 
90,  778,  73li 

30.'>,  591,003 

9,  892.  :1H7' 

41,520,8:!2' 

8,  330, 1)97' 

158, 708, 883' 
51,749,970' 

171,  523, 579! 
GO,  347,  7981 
51, 843. 708] 
38,189,239 

25,  878,  997 
1,002,881 

27,701,740 
11,535,229 
51,5o8,  78U] 


Snvinj;H  hank  depos- 
itors, Juue,  1893. 


Nuinbor. 


19 


liatio  to 

.pop- 
ulation. 


30 


l.'>5,701 
103.  7"2 
94,991 

1,217,090 
131,023 
337,  2.'.4 

1,015,178 

141,100 

204,  <i42 

18,048 

148,342' 


Per  cent. 
23.4 


14,  007 


80,  183, 
1.5,  03G 
94, 724, 


1.439; 
42,777] 

77, 800 


17,851 
1,062,  578| 


1, 803 
108, 638 


1, 999, 507, 209 
88.2 


88,  303,  824 

40,  375, 450! 

31,920,681 

08,917,020 

18, 222,  890 

324,501,993 

5,  682, 748 

93, 037,  794 

110,219,805 

72, 355,  280 

51,220,005 

38,705,834 

,57,806,713 

70,4.13,551 

22,  0.")9,  179 

5,  507,  573 

2,  307,  001 

42,  480,  205 

8,911,047 

1,105,003 

1,390,090 

41,708,02: 


1, 095, 0301 
2.3| 


4,810,340, 
98.71. 


10,  044,  850 

7, 830. 536 

0,  590.  083' 

17,312,195; 

0, 513,  008 

70,417,364 

1,098,418 

12,984,571' 

10, 32.^,  485 

10,  890.  351 

12,  070,  029 
4,913.803 

13,  150,  504 
18,  580,  338| 

5, 749, 888 

1,948,213, 

878, 04C' 

12,285,734 

2,71.5,805; 

445, 503| 

324, 202, 

12,653,6141 


10'. 
3,000 
179 
359 


0,039 

17,418 
5,747 
1,148 


104,  072  . 


323, 438  . 
I. 


28,401; 


5,  512 


1, 178,  030, 980 
12.6 


207,  902,  221 
11.8 


47,180,511 
97.7 


0, 330, 154, 287 


03,  GOO: 
1.3' 


2, 267, 529, 490 


48, 281, 547 


4,873,04C 


41.0 
28.5 
40.0 
34.5 
41.1 
24. 0 
8.8 
4.5 
10.4 
13.5 


.1 
2.0 

3.8 


.4 

1.5 
.3 


13,511,4551 

2,844 

1.3 

18,375,551 

7,00,5,193 

4,600,005 

3,137.008  .... 

0,271 


2. 5 

.3 

"tTi 


The  compaiisoii  in  resix'ct  to  illiteracy  is  confined  to  native  wliite.«;, 
thus  excliuliiii;  the  most  iiliteiate  classes  of  the  population — the  colored 
in  the  free  silver  territory  and  the  foreign  boru  in  the  gold  standard 
territory.  Coliiinn  G  shows  the  ratio  of  illitm-ates  to  total  population, 
for  native  whites  over  10  years  of  age.  In  column  7  the  corrcspoiuling 
ratio  for  all  white  illiterates,  both  native  and  foreign,  is  shown,  so  that 


either  tijrtire  inaj'bc  available,  according?  as  one  or  tbe  otber  is  deemed 
inure  si^'iiilicant.  lu  ooliiuiii  0,  showing  scbool  expenditure  per  o;ii)ita, 
tbe  numbers  lor  some  of  tbe  States  are  ij;reater  tban  would  be  obtained 
bv  division  of  tbe  total  reported  expenditure  by  tbe  popubition  in  the 
fourth  eolunin.  This  is  explained  ill  tbe  census  report  as  due  to  the 
lailuiv  of  certain  counties  to  furnish  statistics,  and  tbe  subtraction  of 
the  population  ol  those  counties  from  tbe  total  jiopulation;  allowance 
is  made  lor  this  circumstance  in  finding  tbe  averages  for  tbe  two  series 
of  States. 

All  valuations  are  *'true,"  not  "assessed,*"  those  iiu'luded  as  personal 
being  divided  iu  the  census  statement  under  tbe  licadingsof  (1)  stock, 
iniplemeuts,  etc.,  on  farms;  (2)  mines  and  their  products;  (3)  precious 
metals;  (4)  machinery  and  manufactured  products;  (5)  railroads  and 
their  equipments;  (C)  telegraphs,  telephones,  shipiung,  and  canals;  (7) 
miscellaneous.  Tbe  "  real "  valuation  of  course  includes  improvements. 
The  real  estate  mortgages  include  those  on  acres  and  on  lots  together. 
Percentages  relate  to  totals  for  the  States,  tbe  District  of  Columbia  and 
tbe  four  Territories  being  excluded. 

AREA  AND   TOrULATION. 

It  will  be  seen  that  the  area  carried  for  tree  silver  is  nearly  double 
tbe  area  for  tbe  gold  standard,  while  its  population  does  not  greatly 
exceed  halt  the  latter.  Tbe  average  of  inhabitants  i)er  square  mile  in 
the  gold  standard  States  is  three  and  one -fourth  times  that  in  the  free 
silver  States. 

Tbe  percentage  of  electoral  votes  is  larger  in  tbe  free  silver  States 
than  that  of  population,  showing  that  those  States  are  favored  by  that 
method  of  choosing  tbe  President. 

EDUCATION  IX  THE  TWO  AEEAS. 

Of  the  total  number  of  illiterate  native  whites,  the  free  silver  area 
contains  nearly  three-fifths.  Kelatively  to  total  native  white  popula- 
tion over  10  years  of  age,  tbe  percentage  of  illiterates  in  tbe  free  silver 
States  is  three  times  that  in  tbe  gold  standard  States. 

Including  all  whites  in  the  comparison,  the  x)ercentage  in  the  free 
Filver  States  is  not  increased.  Over  the  western  part  of  this  territory 
the  loreign  born  of  the  Avbite  population  are  relatively  more  illiterate, 
in  about  tbe  same  degree  as  throughout  the  gold  standard  States;  Avhile 
over  the  southern  part  the  native  whites  are,  except  in  Texas,  relatively 
more  illiterate  than  the  foreign  born.  The  percentage  of  illiteracy  iu 
the  gold  standard  States,  owing  to  tbe  relatively  large  proportion  and 
deficient  education  of  the  foreign  element  in  those  States,  is  greatly 
increased  bj'  including  it.  The  general  average  is,  however,  brought 
very  little  above  one-half  of  that  for  tbe  free  silver  States. 

Tiio  rei»orted  total  expenditures  for  schools  (excluding  "colleges, 
academies,  normal  schools,  and  other  educational  purj^oses")  in  the  gold 


standard  States  arc  three  and  a  half  times  as  great  as  in  the  free  silver 
States.  This  is  higher  than  the  ratio  of  popnlation,  as  is  shown  also 
by  the  data  in  column  9.  It  is  also  higlier  tlian  the  ratio  of  i)ersonal 
property,  and  even  higher  than  the  ratio  of  real  i)roperty.  The  average 
expenditure  per  capita  is  in  the  gold  standard  Slates  very  nearly  double 
that  in  the  free  silver  States. 

The  gold  standard  list  includes  one  State,  Kentucky,  whoso  vote  was 
so  nearly  an  even  balance  that  its  decided  position  in  either  raidc  will 
perhaps  be  questioned.  The  inquiry  may,  therefore,  arise,  how  the 
gold  standard  average  would  be  altered  by  omission  of  that  State. 
Uenco  it  ai)pears  worth  while  to  add  that  the  10.7  per  cent  of  native 
while  illiterates  would  thus  be  reduced  to  31.9,  the  ratio  of  such  illiter- 
ates from  .'?.7  to  3,  little  more  than  one-fourth  of  the  free  silver  average, 
and  the  ratio  of  total  white  illiterates  from  0.1  to  5.7,  just  half  the  free 
silver  figure.  The  average  per  capita  school  expenditure  would  bo 
increased  to  $2.79,  more  than  double  the  free  silver  average,  by  the 
same  omission. 

rROPERTY,   INDUSTRIES,   AND    PRODUCTION. 

Property,  both  i)ersonal  and  real,  shows  a  higher  percentage  than 
population  in  the  gold  standard  States.  The  farm  lands  (column  12), 
though  the  disx)roi>ortion  is  less  for  these  than  for  other  real  estate, 
show  an  excess  in  the  same  direction,  while  the  total  of  agricultural 
products  (column  13)  gives  for  this  territory  a  percentage  somewhat 
lower  than  that  of  population,  this  not  very  large  dilTerencc  being  all 
that  the  census  tables  have  to  tell  us  of  the  relatively  greater  devotion 
of  the  free  sdvcr  States  to  agriculture.  Notwithstanding  the  fact  that 
they  are  less  agricultural,  the  gold  standard  States  exceed  the  others 
far  less  in  value  of  personal  than  in  that  of  real  property,  showing  that 
real  estate  values  are  relatively  lower  and  not  higher,  as  a  rule,  among 
agricultural  peoples. 

On  the  average,  for  each  inhabitant  of  a  gold  standard  State  there 
are  $37  worth  of  agricultural  products,  and  for  each  free  silver 
inhabitant  $44  worth.  The  total  value  of  manufactured  products  per 
inhabitant  is  $52  in  the  free  silver  States,  while  in  the  gold  standard 
States  it  rises  to  $200.  The  latter  States,  as  the  table  shows,  produce 
almost  seven-eighths  of  the  manufactures  of  the  country,  the  scope  of 
manufacturing  being  extended  f\ir  enough  in  the  census  to  cover  grist- 
mill, bakery,  dairy,  slaughtering,  and  masonry  products. 

The  ratio  of  wage  rolls  is  nearly  7i  to  1  in  favor  of  the  gold  standard 
States,  showing  not  only  a  concentration  of  manufacturing  industry, 
but  a  higher  average  proportion  of  wages  to  total  product. 

MORTGAGE  INDEBTEDNESS. 

Of  the  total  amount  of  real  estate  mortgages,  the  percentages  in  the 
gold  staiulard  region  greatly  exceeds  that  for  population,  sh.owing  a  far 
higher  mortgage  indebtedness  per  inhabitant.     It  considerably  exceeds 


8 

the  percentajie  for  real  estate,  showing  a  much  liigher  ratio  of  iiulebt- 
eiliu-ss  to  vahic  of  property  mortgaged,  isew  York,  aloue,  owes  on 
reiil  estate  43  per  cent  more  than  all  tho  free  silver  States  combined. 

Coliimu  15  presents  a  comparison  of  the  rate  of  interest  in  the  two 
areas.  Not  only  is  the  general  average  for  the  free  silver  area  more 
than  one-third  higher,  but  there  is  a  definite  limit,  1%  per  cent,  above 
which  are  found  but  three  gold  standard  States,  while  but  two  free 
silver  States  fall  beh)W  it. 

Of  the  many  li\ctors  by  which  the  prevailing  rate  of  interest  is 
aflectcd,  the  most  importan.t  is  credit.  As  the  one  rises  the  otlier  falls. 
Delining  interest  as  the  diO'erence  in  value  between  a  dolhir  in  hand 
now  and  tho  prospect  of  a  dollar  in  hand  a  year  hence,  it  directly  fol- 
lows that  nothing  can  operate  more  powerfully  to  increase  it  than 
enfeebling  that  prospect. 

COMPARISON   OF  SLLVEll  PRODUCT. 

The  production  of  silver  shows  a  proportion  of  42  to  1  in  favor  of  tho 
free  silver  States.  But  one  of  the  gold  standard  States,  and  that  a 
close  one  (California),  produces  more  than  an  insignificant  amount  of 
silver.  The  free  silver  territory  is  made  up,  as  is  shown  by  comi)arisou 
of  column  0,  of  (1)  twelve  States  in  which  the  ratio  of  native  white  illit- 
eracy is  higher  than  the  average  for  all  the  States  (higher,  also,  than 
every  State  but  two  in  the  gold  standard  series);  (2)  of  the  five  States 
of  largest  silver  production,  and  (3)  of  States  immediately  adj(»ining  the 
last,  and  doubtless  inlluenced  by  sympathy  with  them. 

SAVINGS-BANK   DEPOSITORS. 

Reports  of  savings  banks  are  made  annually  by  the  Comptroller  of 
the  Currency,  who  endeavors  in  some  measure  to  fill  out  incomplete 
returns  by  estimate,  and  oflcrs  his  figures  for  all  institutions  not  under 
the  national  system  as  "such  information  as  the  Comptroller  has  been 
able  to  obtain,"  from  the  courtesy  of  State  officers  and  the  banks  them- 
selves. If  the  institutions  reporting  may  be  accepted  as  representa- 
tives of  those  that  fail  to  report,  it  is  to  be  inferred  that  the  depositors 
in  the  savings  banks  of  the  gold  standard  region  outnumber  those  of 
the  free  silver  States  by  75  to  1. 

The  free  silver  movement  was  sometimes  characterized  in  the  cam- 
l)aign  preceding  the  election  as  a  crusade  against  all  credit,  and  par- 
ticularly against  such  credit  as  is  embodied  in  savings-bank  accounts. 
The  figures  in  columns  19  and  20  of  Table  I,  imperfect  though  they 
doubtless  are,  furnish  emphatic  testimony  as  to  the  views  of  the  deposi- 
tors themselves. 

ILLUSTRATIVE  MAP. 

In  the  accompanying  map  (fig.  1)  the  two  series  of  States  are  dis- 
tinguished by  dinerence  of  shading.  The  territory  comprising  the 
gold  standartl  States,  except  for  two  detached  Pacific  States,  is  a 


9 

crescent- shaped  area  stietcliing  from  Miiiue  ou  the  east,  by  Kentucky 
on  tbe  soutli,  to  Xortli  Dakota  ou  the  west,  about  the  Great  Lakes  as 


a  center.    The  territory  comprisinrj  the  free  silver  States,  extoiuling 
from  northwest  to  southeast  across  the  country,  iu  a  broad  continuous 


10 

band,  cov'ers  most  of  tlie  mouutaiu  States  and  all  the  cotton  States. 
The  leadinfj  States  iu  silver  production,  five  iii  iiumber,  are  contiguous 
and  are  indicated  by  inclosure  in  a  double  border  line. 

THE  PURCHASING  POWER  OF  AGRICULTURAL  PRODUCTION. 

For  the  prices  of  the  products  which  our  farmer  has  to  sell,  a  recent 
publication  (Circular  Xo.  1)  of  the  Division  of  Statistics,  giving  tho 
''Acreage,  Production,  and  Value  of  Principal  Farm  Crops  in  the 
United  States,  ISGG  to  1S95,''  is  followed;  the  prices  from  ISGG  to  1S78 
being  reduced  to  a  gold  bases  by  applying  the  average  gold  premiums 
stated  in  the  introduction,  and  the  three  leading  crops  being  weighted 
according  to  importance,  as  gauged  by  amount  of  product,  thus  fur- 
nishing an  adopted  average. 

THREE   13IP0KTANT   CKOPS. 

The  total  product  and  total  value  of  the  country's  six  leading  staples 
for  the  average  of  eight  years  ending  with  1805  are  approximately  as 
follows: 


Arlklcs. 

Prod  net. 

Valnc. 

Corn 

1, 7S3,  000,  000 
r.!,  200,  003 
470,  OCO,  000 

3, 750,  000,  000 
088,  000, 000 
197,  000, 000 

$6.50,  000,  000 

Hav 

W'licat 

:rj2  00(1  (w 

270, 000. 000 

200, 000, 000 

00, 000,  OOD 

OaUi 

.do 

Tobacco,  which  probably  comes  next  in  order,  has  a  total  value  less 
than  half  that  of  potatoes. 

From  the  prices  forming  the  adopted  average,  that  of  cotton  is 
excluded,  first,  because  tho  returns  of  that  crop  for  these  thirty  years 
are  not  given  in  Circular  No.  1;  secondly,  because  its  abnormal  price 
for  the  early  years  was  due  to  circumstances  peculiarly  aft'ecting  the 
cotton-growing  area,  and  not  to  be  accepted  as  an  indication  of  tho 
condition  of  agriculture  throughout  the  countrj'.  The  inclusion  of 
this  crop  would  have  made  the  average  fall  in  prices  more  abrupt,  par- 
ticularly for  the  earlier  years,  while  the  effect  of  including  oats,  the 
next  crop  in  order,  whose  price  fluctuations  have  been  hardly  more 
marked  than  those  of  hay,  Avould  have  been  to  lessen  that  average 
fall.  There  is  no  reason  for  doubting,  on  the  whole,  that  the  use  of 
the  three  leading  crops  leads  to  practically  the  same  results  that  would 
be  reached  by  making  the  computation  more  extended  and  compli- 
cated. 

TABLE   OF   GOLD   VALUES. 

For  convenience  of  calculation,  numbers  nearly  proportional  to  the 
average  product  above  tabulated  were  used  a.s  weights  in  combining 
tho  prices  of  tho.  three  leading  crops.    Using  a  divisor  from  17,000,000 


11 

to  18,000,000,  we  derive  as  an  average  proportionate  i)ro(lii(ti(»ii  for 
ever}'  100  bushels  ot  corn  raised,  .'i  tons  of  liay,  and  L'T  Jjushels  of  wheat. 
Table  11  gives  the  larni  value,  reduced  to  a  gold  unit,  of  100  bushels 
of  corn  in  dollars,  followed  by  that  of  the  corresjionding  amounts  of 
the  other  croi)s  similarly  stated.  The  tlireennndxMs,  t;eing added,  give 
the  farm  value  of  the  combination,  or  ajtproximately  the  ri'I;itive  value, 
to  the  farmer  himsell',  of  a  constant  unit  of  his  jnodiiction.  Since  the 
com]>arison  is  wilh  a  gold  dollar,  a  fall  in  this  sum  may  be  accepted  as 
indicating  a  proportionate  rise  in  tlie  i»urchasing  power  of  gold  over 
agricultural  product. 

'r.vr.i.i',  II. — Cold  riduea  of  farm  products  and  silrcr. 


Tears. 


180G 
1WJ7 
1868 
IWW 

1870 
1871 
WTl 
\%TA 
1874. 
1875 
1870 
1877 
1878 
1879 
1880 
1881 
1882. 
1883. 
18S4. 
1865. 
1886. 
1887, 
1888. 
1889. 
1890. 

isai. 

18i»2. 

isas. 

1804. 
1S05. 


Gold  value  of— 


.58 
45 
57 
48 
43 
35 
i-1 
58 
36 
33 
34 
32 
37 
39 
64 
40 
42 
36 
33 
37 
44 
34 
28 
51 
41 
39 
36 
46 
25 


♦31 
31 

29 
-29 
36 
43 
39 
33 
36 
32 
20 
25 
21 
28 
35 
35 
2} 
25 
25 
20 
2n 
30 
26 
24 
23 
25 
20 
26 
26 
25 


27  bush- 
i-1h  of 
trlieat. 

Sum  of 
three. 

$42 

$122 

38 

127 

o^ 

101 

19 

105 

24 

108 

30 

110 

30 

104 

27 

102 

23 

117 

24 

92 

25 

84 

28 

87 

21 

74 

30 

95 

26 

100 

32 

131  1 

24 

102 

25 

92 

17 

78 

21 

80 

19 

81 

19 

93 

25 

85 

19 

71 

22 

96 

23 

89 

17 

82 

15 

77 

13 

85 

14 

64 

37,125  100 

grains  of    IiuhIioIs 
ailvcr.     ofwIiuuL 


1104 

103 

103 

102 

103 

103 

102  ' 

100  1 
U9  I 
96  I 
89  1 
93  I 
89  ; 

87  I 
80 
88 

88  I 
86  I 
80  I 
82 
77, 
76  I 
73 
72 
81 
7« 
07 
60 
49 
51 


fl50 
1^4 
102 
71 
91 
113 
110 
102 
85 
88 
93 
103 
77 
111 
95 
119 
88 
91 
fC, 
77 
G9 
08 
93 
70 
84 
84 
62 
54 
40 
Dl 


The  sixth  column  ot  Table  II  gives,  for  comparison,  the  commercial 
value  of  the  amount  of  pure  silver,  37,125  grains,  that  goes  to  the 
making  of  100  standard  silver  dollars;  in  other  words,  the  ratio  per 
cent  of  bullion  value  to  "coining  value"'  of  silver. 


EXPLANATION   OF   THE  DIAGRAM. 

The  accompanying  diagram  (fig.  2)  shows  graphically  the  gold 
values  in  Table  II.  In  addition  to  the  crooked  lines  connecting  the 
two  series  of  yearly  prices  two  straight  lines  are  drawn,  the  tirst  of 
them  representing,  as  nearly  as  a  unilbrm  rate  can  represent  it,  the 
general  course  of  agricultural  values,  and  the  second  the  general  course 
of  silver  values  since  1872.  The  value  of  the  adopted  coni])iuation  of 
three  croi)S  in  this  a[)proxinKUioa   becomes  eijual    to  >=100  in   1871, 


12 


"S 

'^J 


40 


N- 

Ni 


^- 


^'Jtrst 


1 

i 

i 

r*i    - 

0 

13 


14 

tlimiuisliing  by  $1  for  every  year  covered  by  tlie  table,  from  $10S  in 
ISGO  to  $79  ill  1S95.  The  value  of  silver  similarly  becomes  $100  in 
1873.  diminisliin^  by  $1.80  auuually,  so  that  it  falls  from  the  same  value 
as  that  of  the  combiiicd  crops  in  1872,  $102,  to  $00  in  1S95.  The 
straight  line  for  silver  price  in  no  way  represents  the  market  value  of 
that  metal  for  the  years  back  of  1871 ;  that  for  agricultural  commodi- 
ties, on  the  contrary,  applies  to  the  early  years  no  less  than  to  the 
later.  It  will  easily  be  seen  that  if  the  lluctuations  from  year  to  year 
are  ascribed  altogether  to  varying  seasons  and  business  adversity  or 
l>rosperity,  a  uniform  change  of  price  being  assumed  for  farm  products 
and  for  silver,  the  same  rate  of  change  will  not  do  fur  both. 

rLrCTUATIO>S  IN  AGRICULTUKAL  TEICES. 

It  \\\]\  be  observed  that  the  years  in  which  violent  oscillations  of  the 
agricultural  i)rice  line  show  themselves  arc  usually  years  when  llio  ])rico 
of  some  one  of  the  three  crops  is  especially  allccted,  and  in  most  cases 
there  is  little  difliculty  in  discovering  the  reason.  For  example,  the 
cflcct  of  especially  short  corn  crops  in  18G7,  1871,  1881,  1887,  1890,  and 
1S91  in  increasing  the  price,  and  that  of  esiiecially  abundant  crops  of 
the  same  cereal  in  1884,  1885,  1889,  and  1895  in  cheapening  it,  are 
jdainly  shown  in  the  table,  not  only  in  the  corn  price,  but  in  that  of 
the  sum.  Short  hay  crops  and  high  prices  afiect  the  whole  combination 
in  the  years  1871, 1880,  and  1887,  while  gootl  crops  and  low  prices  pro- 
duce the  reverse  eflect  in  1878  and  188-1.  Low  prices  for  wheat  coin- 
ciiled  with  abundant  wheat  crops  in  1878,  1S81,  and  188G;  high  prices 
with  deficient  crops  in  18G0  and  1871.  These  exceptional  crops  in  large 
measure  account  fur  the  violent  disturbances  of  the  price  line. 

In  some  of  these  an  abundant  yield  of  one  crop  is  offset  by  a  deficient 
jicld  of  another,  and  in  other  years,  such  as  1807  and  1891,  prices  in 
this  country  were  upheld  by  exceptionally  strong  demand  in  Europe. 
The  prices  in  the  years  last  noted  are  relatively  higher  for  wheat  than 
for  other  crops,  as  the  table  proves. 

IJesides  the  lluctuations  depending  on  vicissitudes  of  season,  affect- 
ing the  price  for  a  single  year,  there  will  be  noted  a  few  others  extending 
over  several  years  of  varying  seasons.  These  are  exidaiued  by  com- 
mercial conditions.  The  period  of  low  prices  from  1875  to  1878,  fol- 
lowed by  a  sudden  revival  in  1879;  the  fall  from  1881  to  1880,  and  tho 
similar  one  beginning  in  ]893,  are  all  reflections  of  business  depressions 
and  recoveries.  If  these  factors  had  not  existed  in  addition  to  those 
already  noted,  the  movement  of  agricultural  prices  for  the  thirty  years 
covered  might  have  nearly  approached  the  uniform  diminution  shown 
in  the  straight  line  of  the  diagram. 

FARM   rilODrCTS   AM)   .SILVKR. 

The  price  of  wheat  has  often  been  used  as  a  test  of  the  value  stand- 
ard, and  great  stress  has  been  laid  ui)on  the  general  correspondence 
between  the  price  variations  of   this  grain  and  tli(»se  of  silver.     The 


15 

farm  value  of  100  bushels  of  wheat  is  j;iven,  on  a  gold  basis,  in  tlie  last 
column  of  Tabic  II,  and  a  comparison  of  its  course  with  that  of  the 
commercial  value  of  37,125  grains  of  silver  shows  some  points  of  agree- 
ment and  some  points  of  contrast.  There  are  divergences  explained 
by  exceptional  crops  and  others  by  exceptional  foreign  demand,  as 
shown  above.  ]\Ioreover,  in  the  wheat  price  is  observable  a  greater 
sensitiveness  to  linancial  conditions,  which  is  doubtless  itself  an  ellect 
of  foreign  demand.  Attending  only  to  the  points  of  agreement,  and 
assuming  that  agreenu'nt  as  exact,  the  inference  is  easily  drawn  that, 
in  order  to  denote  a  constant  purchasing  power  over  wheat,  gold  ought 
to  have  been  abandoned  and  silver  followed  as  soon  as  the  relative 
commercial  value  of  the  two  began  to  show  a  wide  dilVcrcnce  from  the 
accei)led  coinage  value. 

But  without  denying  that  some  such  correspondence  exists,  it  should 
nevertheless  be  firndy  borne  in  mind  that  wheat  is  not  the  only  crop 
grown  in  the  United  States.  It  is  not  the  most  important  crop  grown. 
It  does  not  even  stand  second  in  importance.  If  we  consider  the  prod- 
ucts which  outrank  it,  we  hud  in  neither  the  first  nor  the  second  of 
them  any  such  corresi)ondence  with  the  price  of  silver  as  is  shown  for 
wheat.  While  the  gold  price  of  corn  and  hay  has  somewhat  diminished 
in  the  course  of  the  thirty  years,  their  silver  price  has  increased  in 
greater  measure;  so  that  if,  by  a  failure  to  pass  the  mint  act  in  1873, 
the  country  had  been  reduced  to  a  silver  standard  after  that  year, 
neither  the  price  of  corn  nor  that  of  hay  would  have  been  so  well  repre- 
sented as  it  has  been  bj^  the  gold  standard  actually  maintained. 

In  the  line  showing  the  prices  of  the  three  most  important  products 
wheat  is  allowed  its  fair  weight;  but  it  fails  to  bring  down  the  agricul- 
tural line  to  a  coincidence,  or  even  nearly  to  a  coincidence,  with  the 
silver  line.  Except  for  the  years  of  business  depression,  1875-1878, 
188-4  and  18S5,  and  the  year  of  largo  production  and  scanty  foreign 
demand.  1880,  the  course  of  silver  prices  has  been  uniformly  far  below 
the  agricultural;  audit  we  regard  the  unif<n'm  straight  line  as  giving 
the  true  course  of  farm  prices  on  a  gold  basis  we  find  them  separating 
from  silver  in  1872,  never  again  to  meet  it. 

It  may  be  that  in  a  supplement  to  this  circular  some  additional  facts 
bcariiig  upon  the  subject  may  be  presented  for  consideration. 

SUrPLE.MKNTAKV   NOTES. 

Vahie3  for  ISOC. — To  Table  II  may  now  bo  added  tbo  {jobl  vahics  for  1896:  That 
of  100  bushcla  of  corn  is  $21,  that  of  3  tons  of  hay  $20,  of  27  bushels  of  wheat  $20, 
Bum  $G1;  that  of  37,125  grains  of  silver  $52,  of  100  bushels  of  wheat  $73.  The  con- 
tinuing commercial  d<'pres.-<ion,  iiidcii  by  an  unprecedented  corn  crop,  brings  the 
combined  value  of  farm  staples  to  an  exceptionally  low  point,  the  considerably 
increased  wheat  price  being  insnfficiont  to  balance  the  reductions  in  oilier  stai)les. 

The  tvright  of  purr  nilier  in  the  standard  silver  dollar  is  371i  grains,  the  remaining 
41i  grains  being  alloy. 


^ 


